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Petrol Price in New Delhi (17th August 2022)

Petrol prices in New Delhi have been turning more volatile, as prices of crude oil have been showing a firm trend. It is important to check todays petrol price in New Delhi ₹ 96.72 (16th August 2022), especially if you are going for a long drive. Remember, petrol and diesel prices are revised daily, so you can lose much, if you are travelling on a long distance. The rupee has also moved lower against the dollar, which has made petrol prices in New Delhi more expensive than before. It is hoped that the government can reduce excise duties, so as to enable rates to become more cheaper in the coming days.

Aug 16, 2022
₹ 96.72 /Ltr

Last 10 Days Petrol Rate in New Delhi

Date Price Price Change
Aug 15, 2022 ₹ 96.72 ₹ 0.00
Aug 14, 2022 ₹ 96.72 ₹ 0.00
Aug 13, 2022 ₹ 96.72 ₹ 0.00
Aug 12, 2022 ₹ 96.72 ₹ 0.00
Aug 11, 2022 ₹ 96.72 ₹ 0.00
Aug 10, 2022 ₹ 96.72 ₹ 0.00
Aug 9, 2022 ₹ 96.72 ₹ 0.00
Aug 8, 2022 ₹ 96.72 ₹ 0.00
Aug 7, 2022 ₹ 96.72 ₹ 0.00
Aug 6, 2022 ₹ 96.72 ₹ 0.00

Daily & Monthly Petrol Price in New Delhi : Graphical Representation

Historical Petrol Price in New Delhi

  • Trend of Petrol Rate in New Delhi, August 2022
  • Petrol Price
    1st August ₹ 96.72
    31st August ₹ 96.72
    Highest rate in August ₹ 96.72 ( August 1st )
    Lowest Rate in August ₹ 96.72 ( August 1st )
    Over all performance No Change
    % Change 0%
  • Trend of Petrol Rate in New Delhi, July 2022
  • Trend of Petrol Rate in New Delhi, June 2022
  • Trend of Petrol Rate in New Delhi, May 2022
  • Trend of Petrol Rate in New Delhi, April 2022
  • Trend of Petrol Rate in New Delhi, March 2022
  • Trend of Petrol Rate in New Delhi, February 2022

Petrol prices in Delhi are now changing every day, as against every 15 days before. We are providing daily petrol price rates, so you can check the same on goodreturns.in

The petrol price today in New Delhi is Rs 96.72 per litre. There is no change in the price of petrol in New Delhi since May 22, 2022. The rates of petrol have remained unchanged in New Delhi since last month, keeping the prices steady since 1st July. You can also check the petrol rate in other areas in Delhi today and the change in the pricing in comparison to the previous day. The petrol rates in Delhi are inclusive of central and state taxes.

The advantage of doing that is you know when to fill petrol and make maximum use of falling petrol prices. In any case, Delhi's petrol rates are much lower than some of the other cities in India. It also sets the trend for an increase or decrease in rates in various other cities of India. The rates would be largely determined by the largest oil marketing companies in India, that is Indian Oil, Bharat Petroleum and Hindustan Petroleum. You would do well to check the rates given the fact that if you fill same about 30 to 40 litres petrol you could tend to lose a lot. Now that petrol prices in Delhi have been deregulated like many other cities in the country.

Petrol Price in New Delhi

New Delhi being the national capital of India is the centre of all domestic affairs.

The petrol price is a matter of everyone’s concern when you are living in Delhi. In October, the price of petrol in the city grew rapidly and touched the Rs 109 per litre mark from Rs 101.89 per litre on 1st October.

Petrol prices in New Delhi had witnessed the highest rate in November month, a day before the Diwali festival. On eve of the same day, the government of India reduced the excise duty on petrol by Rs 05 bringing the price down. As of November 26, the petrol price in the city is at Rs 104.01 per litre, the lowest in the month. It is stable, for the last 10 days, it didn’t see any kind of change.

If we look at the determining factors of petrol price we could see that several regions are responsible for fluctuation the price across the country and New Delhi. The crude oil price is one of the determining factors in determining the price of oil across the globe. When the price goes up in the global market the price in the markets like India goes up.

Excise and import duty by the government along with the state-imposed Value-Added Taxes (VAT) also plays an important role in the petrol price. As the price of petrol in the global market is fluctuating the global leaders are taking steps to keep it stable. In near future, it is expected that the price of petrol might go down.

How are petrol prices in Delhi determined?

Petrol rates in Delhi largely depend on how international prices of crude oil move. It is largely linked to international crude prices, which trade abroad. There is also an Indian crude basket, which largely determines the prices of Petrol in Delhi. It is always advisable to check the petrol prices if you are planning to fill your automobile to the brim. A small change in rates can mean a lot when you have larger volumes of diesel or petrol to fill. Diesel prices in Delhi also more or less move similarly.

The increasing trend in the last few days

Lately, we have been seeing an increasing trend of petrol prices rallying in several cities. In fact, in places like Delhi, they have now hit the Rs 82 per litre mark. This has happened as international prices of crude have gone higher and there is every possibility that there could be a further increase in prices.

The government has in the past cut the excise on petrol to make up for the huge gains seen in the prices of petrol. However, any such cuts in the excise tend to impact the government's fiscal deficit.

If the trend of an increase in Delhi prices of petrol today continues, we may soon realize that rates have now hit a three-year high and this is not good news for any government.

An urgent cut in the prices of fuel is needed to be implemented by the government at the earliest.

How petrol prices are influenced in Delhi?

Today's petrol prices in New Delhi are a result of a host of factors that influence rates. Among these include world prices of fuel. At the moment Brent Crude prices are trading below $40. When these prices go higher, the Indian crude basket goes higher, which in turn alters the daily price of petrol in Delhi. A similar thing can be seen as far as diesel is concerned. 

It is hence a good idea to check the prices of the fuel before leaving your home. For the last few days, there has been a declining trend at the retail level. Once petrol and diesel prices are bought under the ambit of the Goods and Services Tax, we may see these prices declining in the coming days. In the meantime, we would have to continue to pay the desired sum and wait for a fall in today's petrol rates in New Delhi.  

 How Petrol Prices in New Delhi Today are calculated?

Fuel rates in India depend on a host of things. Petrol prices in Delhi today depend on the Indian crude basket, transportation costs, value-added taxes and excise duty levied by the government.

The fuel costs in the city are pretty high, though they are way lesser than what Mumbai charges. The city has one of the highest value-added taxes, which has pushed petrol prices higher.

In India, when excise by the government is hiked, petrol prices in Delhi tend to increase. At the moment, excise is slightly more than Rs 21. The local government also tends to tinker with the value-added tax, which tends to inflate the fuel rates.

The currency also plays a big role, in pushing the price of petrol and diesel either way. If rates tend to move in one direction heavily, the government can cut or hike rates accordingly.

 Overall, it is likely that we will see sharp cuts in the prices of fuel in the coming days. International prices have the biggest bearing and any drop in these tends to help rate cuts. The movement of the rupee against the dollar also tends to impact petrol and diesel prices accordingly.

So, for calculation of today's petrol price in Delhi one has to take into account, excise, value-added tax, India's crude basket and currency movement. 

Strategies for monitoring daily petrol prices in Delhi

The recent fuel updates can easily be tracked via an SMS service or a customer care service run by state-owned oil companies including Bharat Petroleum (BP), Hindustan Petroleum (HP), Indian Oil and Shell Oil. And you can even check online by visiting the websites of any of those oil companies. Based on the methods presented below, fuel consumers of Delhi can easily confirm the latest petrol or diesel of the capital city. 

SMS Service

Type: RSPDEALER CODE and send it to 9224992249

Customer Helpline

For Indian Oil- 9224992249

Bharat Petroleum-9223112222

Hindustan Petroleum-9222201122

Or else you can also track the same through your smartphone by downloading the Fuel@IOC, Smart Drive (BPCL), and My HPCL mobile apps. 

Current VAT on petrol in Delhi

In May 2020 VAT on petrol climbed from 27 per cent to 30%, while VAT on diesel was nearly doubled to 30% from 16.75 per cent by Delhi's government. In the face of major declines in revenue during the coronavirus shutdown, many state governments have raised VAT on fuels currently beyond the range of GST. Although gas stations have been in the category of critical assets during this COVID year, sales have declined sharply due to the closure of factories, and offices and limits on vehicle travel. Sales of petrol dropped by 61 per cent and diesel fuel by 56.5 per cent in April, but as the market sees a phased opening and easing of shutdown conditions at almost all the locations, demand is expected to increase this month. While crude oil prices have dropped by more than 60%, state-run fuel marketers have not been able to slash Indian market rates due to inventory shortages and declining demand. 

Have these mobile applications to track the daily fuel price in Delhi

Petrol and diesel rates keep changing regularly and it is believed that finding the ideal fuel price is a challenge as the key problem in consumers' thoughts is how to get the correct fuel price in Delhi. After all, numerous oil and gas firms such as Indian Oil, Bharat Petroleum and Hindustan Petroleum have led to different methods for fuel consumers such as SMS, Mobile Apps and Customer Care support to stay updated with the daily petrol and diesel rates of any city across India. Fuel consumers can download such mobile apps from the default app store of their mobile phones. And this will enable Indian fuel consumers to conveniently track the perfect oil and diesel rates. 

All major metro cities such as Mumbai, Kolkata, Bengaluru, Chandigarh, Chennai and including Delhi are following the Dynamic Fuel Pricing mechanisms since June 2017. The petrol rates vary across states, due to state taxes and other factors. Mobile applications, however, help fuel consumers to monitor fuel prices on the go and one can even access current fuel rates via SMS services or by visiting the website of a particular oil provider as described above. Here are the smartphone applications that help you to keep updated from your comfort regularly with the latest fuel prices. 

Fuel@IOC – IndianOil

The mobile app Fuel@IOC-Indian Oil helps Indian oil fuel consumers to easily check the fuel prices of Delhi or any other city across India from the luxury of their home or workplace. This application is compatible with both IOS and Android devices for installation. IOS users can open the App Store and access the app and Android users can do the same by launching the Google Play Store. The mobile app of Indian Oil allows users to search for the latest fuel prices on the go. It is recommended to check the petrol price of Delhi or your locality before fuelling your vehicle and considering this the Fuel@IOC-Indian Oil app is your ideal partner to stay updated with the latest petrol price of Delhi anytime anywhere. So before heading to your workplace you can now check the latest fuel price in Delhi by using your mobile phone, which means the simplicity and user-friendliness is just in your palms. Use this app to grasp the ongoing fuel price trend in Delhi with ease. For both Apple and Android phones, which are the most successful operating systems, Fuel@IOC-IndianOil is free to download. In case you are not an IOS or Android user you can directly access Indian Oil's official website to track the latest petrol price in Delhi. You can easily track the existing price of petrol in Delhi or your region without abandoning your comfort by accessing the site or using Indian Oil's mobile app. 

My HPCL Mobile App

My HPCL mobile app from Hindustan Petroleum also introduces a better category to keep abreast with fuel prices for petrol pumps. The app is available on the Android, IOS and Windows platforms. The My HPCL app contains sections like Outlets & Services, My Vehicle, Alerts, customer service line, Feedback, Help & Tips and also provides access to Insurance Renewal facility (with affiliate company), DT PLUS (HPCL Loyalty Scheme for fleet owners) and HPGAS (LPG) to offer to change fuel costs for the fuel users of Delhi. The concept of fluctuating fuel prices, commonly referred to as # MyFuelMyDayMyPrice, is dismissed by the majority as the cost of fuels such as diesel and petrol has been pushed into the area of fluctuations. While the entire move is believed to be user-centric, fuel prices are now calculated in terms of international market conditions and USD to INR price movements. Delhi's petrol consumers can conveniently search the city's new petrol prices from sitting at home. Consumers can reach the revised cost of petrol every morning with a few clicks before going to the office or filling their vehicle's tank. 

BPCL’s SmartDrive

BPCL's SmartDrive smartphone application enables customers to preserve records of fuel station transactions and also facilitates locating nearby fuel stations. SmartDrive is designed to capture customer and vehicle details so that it can provide you with regular updates on the PUC, insurance and operation of your vehicle, which is available on both Android and IOS platforms. SmartDrive also provides information about both Petrocard and SmartFleet loyalty transactions about the particulars of Delhi's fuel prices. Your ratings will allow the BPCL to best serve you and you can now cherish the enhanced facilities at the SmartDrive app by submitting your valuable ratings. To share your positive expressions or frustration at each of  BPCL’s fuel stations you can now make it easy by uploading photos of the filling stations. SmartDrive has a way to build a good relationship with consumers and sponsors, and they guarantee that they can walk with you till the end to be your best ideal need fuel requirement. Admire the Bharat Petroleum drive today and install the SmartDrive app to stay tuned to Delhi's latest petrol price.  

Aspects of Petrol Price in Delhi

Petrol prices in Delhi are primarily influenced by the purchasing cost of crude oil, the exchange value, the profit of the dealer, the central excise duty, and the VAT of the state government. The retail sale price of petrol will be influenced proportionately by any rise or decline in crude oil prices. The federal excise tax is the same nationwide, but the state VAT rate varies by state. As stated in the previous section, because of the lower state VAT levied on petrol in Delhi, a litre of petrol price costs you less in Delhi. Another significant factor is the exchange rate of the USD against the INR. The purchasing cost of oil will rise if the INR declines against the USD; the purchasing cost of oil will decline if the INR increases against the USD. The rate of petrol in Delhi will be affected similarly based on any highs and lows in crude oil markets.  

How Frequently Petrol Rates In Delhi Are Updated?

Like every other Indian city, state-run oil companies like Indian Oil, Hindustan Petroleum, and Bharat Petroleum lead the petrol sector in New Delhi. Actively, all of these oil companies are updating diesel and petrol rates regularly, commonly pointed to as dynamic fuel pricing. The current pricing mechanism was adopted and enforced in mid-June 2017 by the Government of India. All filling stations in Delhi either automated or non-automated updates the price of fuel at 06:00 a.m every day. Be sure to make track of the revised rates that each bunk will reflect. Fuel prices are rising slightly in the city at present. Since you're a retail buyer, you may not be influenced much by regular price changes. Also, a small decline or a hike will make a major impact on your billing figure if you are a buyer of petrol in higher quantities. In reality, across the country, the latest fuel pricing strategy is in action. The framework is intended to help all fuel consumers, whether they are from Delhi or other Indian cities. Within the framework, the pricing of petrol rate is transparent.  

Why petrol rates in Delhi is high?

In the previous era, the country's fuel prices were regulated and modified every fortnight. Dynamic pricing has been implemented current days, due to a multitude of changes in the political environment in the nation, and because of that, prices are changing every day. As we are all well informed, India's oil prices are something that both the central government and the state government impose their taxes on. This is essentially the explanation for the recent fluctuation in the price of petrol in various parts of the nation. There has been a rise in the state tax in the case of Delhi and this has subsequently affected the price of petrol in the city. The effect of the fluctuations in the global market is one of the other factors for the rapid increase in the price of petrol in Delhi. The effect of the global level, of course, is one of the other factors for the rapid increase in the price of petrol in Delhi. In Delhi, the rise in the global price of crude oil was destined to affect the rate. We can only assume that Delhi may take the burden of it all, with economists expecting these prices to increase in the coming months.  

Petrol rates in New Delhi today

Delhi, the capital city has witnessed several hikes in petrol prices in the past few days. As of 23 November 2021, the petrol price in the city is reached Rs 103.97. If you are planning for a long drive, it would be good to check the rate of petrol in the city. It might save money in pocket.

The price of petrol is calculated based on the ups and downs of crude oil in the international market. Also, the rupee has witnessed a slit fall in the past, which played a role in the change in the price of petrol in Delhi. All these factors along with excise duty by the government on petrol drive the ups and downs in the petrol price in Delhi. As the petrol price touched a milestone in Delhi, it is hoped that government might reduce the excise duty in the coming days.

Various factors influence the petrol price in Delhi. When the crude oil price goes high, it impacts the price of petrol in the city as it is like with the international affairs of the oil industry.

The petrol price in Delhi and other parts of India is now witnessing ups and downs every day. The goodreturn. in is making sure you get the right information about the changes in petrol prices in Delhi. Keeping yourself updated could help you to save a few bucks. It is vital to understand various other factors that determine the price like big oil companies in the country.

Petrol Prices Untouched in New Delhi

The petrol prices are untouched in New Delhi despite a slump in the global crude rates as economic data spurred concerns about a potential global recession.

The petrol rates in New Delhi were seen at Rs 96.72 per litre.

In the international markets, Brent was seen at $92.13 per barrel, down by 3.12% and West Texas Intermediate (WTI) at $86.12 per barrel, down by 3.68%.

The oil prices declined by over 3% during Tuesday’s trade session as they slid to their lowest level for the first time since Russia’s invasion of Ukraine. The poor economic data has spurred concerns over a potential global recession, as the markets await clarity on talks to revive a deal which could allow more oil from Iran for exports.

The European Union and the U.S. noted today that they were studying Iran’s response to what the EU has termed as its final proposal to save the 2015 nuclear deal after Tehran called on Washington to show flexibility.

Yesterday, Iran responded to the proposal but none of the parties involved in the matter provided any further details.

UBS analysts note that it is still unclear if Tehran has informed the EU last night, so some tricky items may get impacted due to the outcome of the nuclear deal.

16 August 2022
Petrol Prices Stabile in New Delhi

The petrol prices are stable in New Delhi despite falls in the global crude rates on expectations that the U.S. Gulf supply disruptions will ease. The petrol rates in New Delhi were recorded at Rs 96.72 per litre.

In the global scenario, Brent was seen at $98.15 per barrel, down by 1.46% and West Texas Intermediate (WTI) at $92.09 per barrel, down by 2.38%.

The crude prices slipped around 2% during Friday’s trade session on expectations that supply disruptions in the U.S. Gulf of Mexico will be for a short period of time, while recession fears clouded the crude demand outlook.

The Brent crude futures declined 1.5% to settle at $98.15 per barrel and West Texas Intermediate (WTI) declined 2.4% to trade at $92.09 per barrel. Both the contracts had gained over 2% on Thursday.

Crews were expected to replace a damaged oil pipeline piece by the end of the day, yesterday, noted a Louisiana port official, allowing for the resumption of production at seven offshore U.S. Gulf of Mexico oil platforms.

Shell spokesperson Cindy Babski said that the Amberjack pipeline, one of the two stopped by the oil leakage has restarted at reduced capacity. The Mars pipeline has remained offline but is likely to resume operations later on Friday.

13 August 2022
Petrol Prices Static in New Delhi

The petrol prices are static in New Delhi despite a fall in the global crude rates on a cloudy demand outlook. The petrol rates in New Delhi were seen at Rs 96.72 per litre.

In the international scenario, Brent traded at $99.03 per barrel, down by 0.57% and West Texas Intermediate (WTI) at $93.73 per barrel, down by 0.65%.

Today, the fuel prices slipped in Asia trade amidst an uncertain demand outlook, though benchmark contracts were headed for weekly gains as recession fears have calmed down.

The positive data on U.S. jobs has eased the fears of recession.

Yesterday, the Organization of the Petroleum Exporting Countries (OPEC) trimmed its forecast growth demand for fiscal 2022 by 260,000 barrels per day (bpd). It now expects the demand to rise by 3.1 million bpd for the year.

The OPEC’s forecast contradicts the IEA’s view which has hiked its forecast for demand growth to 2.1 million bpd, due to the gas-to-oil switching by consumers amidst soaring gas prices.

IEA on the other hand has hiked the outlook for Russia’s crude supply by 500,000 bpd for the second half of 2022 but noted that the OPEC+ will struggle to boost production.

 

12 August 2022
Petrol Prices Untouched in New Delhi

The petrol prices are untouched in New Delhi despite the rise in the crude rates in the international markets after the International Energy Agency (IEA) raised its demand growth outlook for fiscal 2022. The petrol rates in New Delhi were seen at Rs 96.72 per litre.

In the international markets, Brent was seen at $98.86 per barrel, up by 1.50% and West Texas Intermediate (WTI) at $93.54 per barrel, up by 1.75%.

The prices of both the crude benchmarks rose by over 1.50% during Thursday’s trade session as the International Energy Agency (IEA) hiked its oil demand growth forecast for this year as a surge in the gas prices forced few consumers to switch to oil.

The prices of natural gas and electricity have jumped to new highs, incentivizing gas-to-oil switching in a few nations. The Paris-based IEA noted in its monthly oil report, in it has hiked its outlook for 2022 demand by 380,000 barrels per day (bpd).

During last week, the rise in the U.S. oil inventories and the resumption of crude flows on the pipeline supplying central Europe capped the further rise in the prices.

Yet, the U.S. crude oil stockpiles surged by 5.5 million barrels during the most recent weeks, noted the U.S. Energy Information Administration, against the expectations of a rise of 73,000 barrels.

11 August 2022
Petrol Prices Consistent in New Delhi

The petrol prices are consistent in New Delhi despite a drop in the crude rates in the international markets as industry data reveals a rise in the U.S. crude stockpiles. The petrol rates in New Delhi were seen at Rs 96.72 per litre.

On the global platform, Brent was trading at $94.93 per barrel, down by 1.43% and West Texas Intermediate (WTI) at $89.20 per barrel, down by 1.44%.

Both the crude benchmarks slid by over 1% during Wednesday’s trade session as the U.S. crude oil stocks surged by around 2.2 million barrels for the week ended August 5, as per the markets sources citing figures from the American Petroleum Institute (API). An analyst from a Reuters poll forecasted that the crude inventories will rise by around 100,000 barrels.

Though the official figures are yet to be released later today.

The growing concerns about the global recession have weighed heavily on the oil futures. The U.S. oil refiners and pipeline operators expect the energy consumption to be robust during the second half of 2022, as per the reviews of the company’s earnings outlook seen by Reuters.

On the other hand, Russia’s pipeline monopoly Transneft noted that it plans to resume oil pumping through the southern branch of the Druzhba pipeline at 1600 Moscow time, Moscow’s state-owned news agency RIA reported.

10 August 2022
Petrol Prices Balanced in New Delhi

The petrol prices are balanced in New Delhi despite a drop in the global crude rates as the chance of Iran’s nuclear deal supply boosts. The petrol rates in New Delhi were seen at Rs 96.72 per litre.

In the international forum, Brent was trading at $97.50 per barrel, up by 0.88% and West Texas Intermediate (WTI) at $91.47 per barrel, up by 0.78%.

The fuel prices slipped over $1 per barrel during today’s trade session as they approached a multi-month low during last week. The latest progressive talks to revive Iran’s nuclear accord of 2015 will eventually allow Tehran to boost crude exports amidst tighter crude supply.

The oil markets are facing tightness at the moment owing to the ban on Russia’s crude imports following its invasion of Ukraine. Many western nations have imposed sanctions on Russia’s oil, tightening the fuel supply in the markets.

Last month, U.S. President – Joe Biden sought a hike in the output from the Organization of the Petroleum Exporting Countries (OPEC) to ease the fuel supply situation.

In a bearish sign, China, the world’s largest fuel importer and consumer witnessed a drop in crude oil imports by 9.5% from a year earlier, customs data revealed.

9 August 2022
Petrol Prices Unchanged in New Delhi

The petrol prices are unchanged in New Delhi despite a rise in the crude rates in the overseas markets as strong economic data boosts oil prices. The petrol rates in New Delhi were recorded at Rs 96.72 per litre.

In the international markets, Brent was seen at $96.06 per barrel, up by 1.20% and West Texas Intermediate (WTI) at $90.11 per barrel, up by 1.24%.

The crude prices rose over 1% during today’s trade session after hovering at lower levels in the recent past on positive economic data from the United States of America and China. The robust jobs data from America has renewed hopes of an improved fuel demand outlook.

Since the onset of the pandemic crisis, oil prices are witnessing volatility on fears of weak fuel demand and the growing fears of recession have also weighed on the crude prices.

The worries over recession have dented the energy demand as it pushed the front month Brent prices to slide by 13.7%, to their lowest since February. This was the biggest fall in the crude benchmark – Brent since April 2020 and WTI shed 9.7%.

The prices of both contracts recouped some losses following robust jobs data growth in the United States of America. With this, America’s crude demand is likely to accelerate in July, America is one of the world’s top crude consumers.

Yesterday, China surprised markets with its faster-than-expected growth in exports. The dragon country is the biggest importer of fuel globally. The nation purchased 8.79 million barrels per day (bpd) of crude during July, up from a four-year low in June. Yet the import of fuel was 9.5% less than a year earlier, as per the data from the customs data.

8 August 2022
Petrol Prices Balanced in New Delhi

The petrol prices are balanced in New Delhi as Saudi Arabia sets record high prices for September’s crude rates. The petrol rates in New Delhi were seen at Rs 96.72 per litre.

In the overseas forum, Brent was trading at $94.62 per barrel and West Texas Intermediate (WTI) at $89.02 per barrel.

Saudi Arabia, one of the top producers of fuel globally has hiked the September crude oil rates for Asian buyers to record high levels despite declining refining margins.

Saudi Arabia is one of the members of the Organization of the Petroleum Exporting Countries (OPEC) and its member partners including Russia. Now, the official selling price (OSP) for September loading for Arab Light to Asia was hiked by 50 cents per barrel from August to $9.80 a barrel over Oman/Dubai quotes, states oil producer Saudi Aramco.

Though the price hike is less than the market expectations of 70 cents to $1 per barrel.

The profit margins at Asian refiners which process Dubai crude slipped by as much as 96% in July as it was pressured by the growth prospects of global economic recession and weak fuel demand.

Meanwhile, refiners are worried that a further hike in the crude oil prices could prompt them to cut down their output to manage their respective balance sheets.

6 August 2022
Petrol Prices Stagnant in New Delhi

The petrol prices are stagnant in New Delhi despite the rise in the global crude rates on supply concerns. The petrol rates in New Delhi were trading at Rs 96.72 per litre.

On the global platform, Brent was trading at $96.95 per barrel, up by 0.18% and West Texas Intermediate (WTI) at $90.98 per barrel, up by 0.35%.

Russia’s invasion of Ukraine has received several criticism and sanctions from many nations, globally. The situation has created a tight crude supply in the markets. To ease the same, last month, the U.S. President during his visit to Saudi Arabia requested the oil producers club to hike the output.

The Organization of the Petroleum Exporting Countries with its member Russia have agreed to hike the output by 100,000 barrels per day in September, which is far lower than the previous month’s production.

Despite a hike in the production of fuel, the global energy market is witnessing supply shortages, notes an analyst from CMC Markets.

The OPEC+ had cut its forecast for the oil market surplus for fiscal 2022 by 200,000 barrels per day (bpd) to 800,000 bpd, three delegates revealed to Reuters. The growing fears of global recession have diminished the fuel demand, weighing on the prices to decline.

4 August 2022
Petrol Prices Steady in New Delhi

The petrol prices are steady in New Delhi despite a fall in the global crude rates as demand for oil shrinks amidst rising fears of the global recession. The petrol rates in New Delhi were recorded at Rs 96.72 per litre.

In the overseas forum, Brent was seen at $100 per barrel, down by 0.50% and West Texas Intermediate (WTI) at $94.03 per barrel, down by 0.41%.

The oil prices are witnessing a downward trend over the last few days due to weak demand as the survey shows a contraction of the manufacturing activities globally. During today’s early trade session, the crude prices declined on fears of a slowdown in the global economy hitting the crude demand and a stable dollar.

The members of the Organization of the Petroleum Exporting Countries (OPEC) + member nations, including Russia are set to meet today to decide the future of the global crude supply.

Sources close to OPEC+ told Reuters last week, that the group is likely to keep the crude output unchanged in September or it may hike it marginally. Analysts on the other hand are expecting the oil producers to keep the production intact due to the weak outlook for demand amidst growing fears of recession.

The major oil producer, Saudi Arabia may be reluctant to ramp up output at the expense of its OPEC+ partner Russia, which is facing sanctions for its invasion of Ukraine, reveals analysts.

3 August 2022

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